Dogecoin (DOGE) Surges 5% Following a Tweet by Elon Musk on X, Sparking Fresh Speculations about the Imminent Payments Service on Musk’s Social App

Musk's Friday post, which featured a screenshot of podcaster Joe Rogan's X profile, triggered the increase in Dogecoin's price.

Dogecoin (CRYPTO: DOGE) experienced a 5% surge on Friday following a tweet by Elon Musk about podcaster Joe Rogan's X profile.

What Happened: Musk shared a screenshot of Rogan's X profile, which showed a dollar icon that appeared to be different from the one used for the app's tipping service.

This sparked speculations among the crypto community about whether it could be related to the anticipated X Payments service.

Have to say that @joerogan's profile description is awesome 😂 pic.twitter.com/6Z8hUAQIBj

Musk responded to one of the tweets about the speculations with a simple “true”, further adding fuel to the rumors.

Dogecoin’s price has historically been influenced by payment-related news from any of Musk's ventures, including X, formerly known as Twitter.

There are speculations that once the service is live, it might support transactions with digital assets like DOGE, given Musk's known fondness for the token.

Musk’s electric car company, already accepts DOGE payments for certain merchandise purchases in its online store.

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Past 24 Hours: Over the past 24 hours, DOGE has advanced 6.16% and at the time of writing it was trading at $0.4332, outperforming the stagnant Bitcoin (CRYPTO: BTC) prices.

The token has risen 190% over the past month, trading at its highest level since May 2021.

Why It Matters: The surge in Dogecoin's price following Musk's tweet is significant as it highlights the influence Musk has over the cryptocurrency market.

His tweet sparked speculations about the forthcoming X Payments service, which could potentially support transactions with digital assets like DOGE.

This is particularly noteworthy given Musk's known fondness for the token and the fact that his electric car company, Tesla Inc., already accepts DOGE payments for certain merchandise purchases.

The rise in DOGE's price also outperformed the stagnant bitcoin prices, indicating a growing interest in alternative cryptocurrencies.